What happened
Shares of the digital commerce company Payoneer Global (PAYO 1.02%) traded more than 26% higher as of 10:22 a.m. ET today after the company reported better-than-expected earnings results for the second quarter of the year.
So what
Payoneer reported earnings per share of $0.01 on revenue of nearly $148.2 million, both numbers that topped analyst expectations for the quarter.
"Payoneer delivered strong revenue growth and profitability," Scott Galit, co-CEO of Payoneer, said in an earnings statement.
Galit added: "Results highlight our multi-year investments to build a diverse and global business model across industries, products, and geographies, which together continues to increase our overall effective take rate. We are growing the number of customers using our services, benefiting from our strategic expansion into higher value services, as well as seeing better-than-expected results from Ukraine and rising interest rate tailwinds."
In addition to the strong results, Payoneer raised its full-year outlook and now expects to generate revenue of between $580 million and $590 million. It also expects to generate adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $30 million to $35 million.
Now what
Payoneer has built payments and commerce solutions for small and medium-sized businesses all over the world. The company will be able to take advantage of the continued digitization of payments and globalization.
After a good quarter amid difficult economic conditions and with management raising guidance, the stock seems well positioned right now.
